HITE Hedge Asset Management LLC Sells 1,191,912 Shares of Innoviz Technologies Ltd. $INVZ

HITE Hedge Asset Management LLC reduced its stake in Innoviz Technologies Ltd. (NASDAQ:INVZ) by 47.7% during the third quarter, Holdings Channel.com reports. The fund owned 1,308,551 shares of the company’s stock after selling 1,191,912 shares during the period. HITE Hedge Asset Management LLC’s holdings in Innoviz Technologies were worth $2,669,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in INVZ. JPMorgan Chase & Co. increased its position in Innoviz Technologies by 3,440,684.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,101,051 shares of the company’s stock valued at $1,806,000 after purchasing an additional 1,101,019 shares during the period. Goldman Sachs Group Inc. lifted its position in shares of Innoviz Technologies by 38.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 523,945 shares of the company’s stock worth $342,000 after purchasing an additional 144,822 shares during the period. BNP Paribas Financial Markets acquired a new position in shares of Innoviz Technologies in the 3rd quarter worth approximately $560,000. Citizens Financial Group Inc. RI boosted its stake in shares of Innoviz Technologies by 19.1% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 238,264 shares of the company’s stock valued at $391,000 after purchasing an additional 38,264 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Innoviz Technologies by 6.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 212,140 shares of the company’s stock valued at $433,000 after purchasing an additional 12,000 shares during the last quarter. 63.26% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on INVZ shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Innoviz Technologies in a research report on Monday, December 29th. The Goldman Sachs Group cut their price target on shares of Innoviz Technologies from $2.50 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. Finally, Wall Street Zen downgraded Innoviz Technologies from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.10.

Innoviz Technologies Stock Down 6.8%

Innoviz Technologies stock opened at $0.69 on Friday. The company has a market capitalization of $148.02 million, a PE ratio of -2.03 and a beta of 1.35. Innoviz Technologies Ltd. has a 12-month low of $0.48 and a 12-month high of $2.54. The firm’s fifty day moving average is $0.98 and its 200 day moving average is $1.40.

Innoviz Technologies (NASDAQ:INVZ) last posted its quarterly earnings results on Wednesday, February 25th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). Innoviz Technologies had a negative return on equity of 73.64% and a negative net margin of 123.06%.The company had revenue of $12.67 million during the quarter, compared to analyst estimates of $15.00 million. Sell-side analysts expect that Innoviz Technologies Ltd. will post -0.6 EPS for the current fiscal year.

Innoviz Technologies Company Profile

Innoviz Technologies Ltd. (NASDAQ: INVZ) is a developer of high-performance solid-state LiDAR sensors and perception software designed to support advanced driver assistance systems (ADAS) and autonomous driving applications. The company’s core business focuses on providing automotive-grade LiDAR hardware, along with software algorithms that enable accurate 3D mapping, object detection and environmental perception in real time. Innoviz’s technology is tailored for integration into passenger vehicles, commercial fleets and other mobility platforms seeking improved safety and autonomy.

Founded in 2016 and headquartered in Rosh Ha’ayin, Israel, Innoviz has emerged as a key supplier to leading global automakers and Tier 1 suppliers.